3c hapter - Index of
3c hapter - Index of
3c hapter - Index of
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Buy Local, Eat Local . . . Invest Local 43<br />
cited. It found that for every $100 spent at a local store, a full $68<br />
remains in Chicago. The same amount spent at a chain would net<br />
only $43. In San Francisco, a city that has preserved its retail independence,<br />
a 2007 analysis concluded that a 10 percent market share<br />
increase by local merchants could create $200 million in additional<br />
economic activity and create more than 1,300 jobs. The fi ndings<br />
<strong>of</strong> a 2008 study <strong>of</strong> Grand Rapids, Michigan, were similarly stunning:<br />
A 10 percent shift <strong>of</strong> sales from chains to locals would result<br />
in a $137 million jolt to the local economy and 1,600 new jobs.<br />
Now there’s a stimulus package that won’t cost taxpayers a dime.<br />
A more recent study by Civic Economics, completed in<br />
September 2009, was commissioned to help guide post- Katrina<br />
development and renewal in New Orleans. The study focused on<br />
a four- block stretch <strong>of</strong> retail- heavy Magazine Street that is home<br />
to 100 independent businesses that collectively occupy 179,000<br />
square feet <strong>of</strong> retail space. Of the $105 million in sales generated<br />
by the businesses, about a third, or $34 million, stays local. In contrast,<br />
a SuperTarget store composed <strong>of</strong> the same amount <strong>of</strong> retail<br />
square footage (not including parking) would generate $50 million<br />
in annual sales, the study estimated, <strong>of</strong> which just $8 million,<br />
or 16 percent, would remain local. Extrapolating the results out to<br />
the broader New Orleans economy, the report concluded that an<br />
all- local retail economy would generate $2.35 billion more a year<br />
in local economic activity than an all- chain economy. Neither<br />
extreme is realistic, <strong>of</strong> course, but the message is clear: Local<br />
enterprises provide more bang for the buck to their communities.<br />
What those studies don’t capture is the extent to which locally<br />
owned businesses add to the diversity, character, and appeal <strong>of</strong> our<br />
neighborhoods and downtowns. By promoting human scale commerce,<br />
local merchants facilitate chance encounters and chats with<br />
neighbors. These casual interactions are more than friendly diversions.<br />
They are essential for building the relationships and civic bonds<br />
that make for a healthy, well- functioning society and democratic<br />
process. Even as our Facebook connections have multiplied into the<br />
hundreds, studies have shown that most Americans’ core networks—<br />
the people they can discuss important matters with—have shrunk<br />
and become less diverse in the past two decades. Just 43 percent <strong>of</strong>